San Miguel says P10B Davao Del Sur cement project secures tax incentives

ABS-CBN News

Posted at Jan 18 2022 01:57 PM

MANILA - San Miguel Corp said on Tuesday said the Fiscal Incentives Review Board has approved tax incentives for its P10 billion cement manufacturing project in Davao Del Sur.

The tax incentives for the Southern Concrete Industries Inc was approved by the FIRB upon the recommendation of the board of Investments, SMC told the stock exchange.

The project was granted a 2-year income tax holiday, with 5 years of enhanced deductions and duty exemptions on the importation of capital equipment, raw materials, spare parts and accessories required for the project, SMC said.

Commercial operations of the project is expected to start by July, it added.

Southern Concrete is a subsidiary of San Miguel Investments Inc, SMC said. 

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